Seth Klarman - Baupost Group 13F Activity & Position Changes (Q1 2020)

According to the SEC 13F filed on Aug 13, 2026, the Baupost Group portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2020. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2020, the filing reported:

New Buys - Energy Transfer LP, Alphabet Inc., Meta Platforms, Inc., Spirit Aerosystems Holdings, In, XPO, Inc.

Increases - Cars.com Inc., eBay Inc., HP Inc., McKesson Corporation, Nexstar Media Group, Inc., and 2 more

Reductions - Akebia Therapeutics, Inc., Cencora, Inc., Cheniere Energy, Inc., Pacific Gas & Electric Co.

Complete Exits - Bristol-Myers Squibb Company, Synchrony Financial

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2020	AKBA Akebia Therapeutics, Inc.	Akebia Therapeutics, Inc.	Sell	-2,043,485	-10.4%	$132.86K	17,527,968
Q1 2020	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell - Position Exit	-4,000,000	-100.0%	$0.00	-
Q1 2020	CARS Cars.com Inc.	Cars.com Inc.	Buy	+292,687	+10.8%	$12.90K	3,000,000
Q1 2020	COR Cencora, Inc.	Cencora, Inc.	Sell	-230,000	-19.7%	$82.86K	936,299
Q1 2020	EBAY eBay Inc.	eBay Inc.	Buy	+12,091,030	+60.5%	$964.50K	32,086,000
Q1 2020	ET Energy Transfer LP	Energy Transfer LP	Buy - Position Entry	+12,105,005	-	$55.68K	12,105,005
Q1 2020	GOOG Alphabet Inc.	Alphabet Inc.	Buy - Position Entry	+300,500	-	$349.42K	300,500
Q1 2020	HPQ HP Inc.	HP Inc.	Buy	+10,000,000	+100.0%	$347.20K	20,000,000
Q1 2020	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Sell	-2,014,898	-19.9%	$272.16K	8,124,235
Q1 2020	MCK McKesson Corporation	McKesson Corporation	Buy	+71,665	+4.5%	$225.77K	1,669,181
Q1 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy - Position Entry	+1,984,000	-	$330.93K	1,984,000
Q1 2020	NXST Nexstar Media Group, Inc.	Nexstar Media Group, Inc.	Buy	+85,000	+4.2%	$120.37K	2,085,000
Q1 2020	PARA Paramount Global	Paramount Global	Buy	+5,500,000	+32.4%	$315.23K	22,500,000
Q1 2020	PCG Pacific Gas & Electric Co.	Pacific Gas & Electric Co.	Sell	-9,184,960	-48.6%	$87.22K	9,702,443
Q1 2020	QRVO Qorvo, Inc.	Qorvo, Inc.	Buy	+312,486	+11.4%	$246.93K	3,062,486
Q1 2020	SPR Spirit Aerosystems Holdings, In	Spirit Aerosystems Holdings, In	Buy - Position Entry	+1,067,781	-	$25.55K	1,067,781
Q1 2020	SYF Synchrony Financial	Synchrony Financial	Sell - Position Exit	-3,003,981	-100.0%	$0.00	-
Q1 2020	XPO XPO, Inc.	XPO, Inc.	Buy - Position Entry	+845,877	-	$41.24K	845,877